Beverly Hills Estate Leads Luxury Market in Latest Weekly Tally
The Los Angeles luxury real estate market saw a significant transaction this past week, as a sprawling Mediterranean-style estate at 703 North Arden Drive in Beverly Hills secured the top contract in the county. The property, which spans more than 10,000 square feet, was listed with an asking price of $25 million.
According to data compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team, the sale officially closed on Wednesday for $24 million—or $2,345 per square foot. The home, located in the prestigious 90210 zip code, spent less than a month on the market. Kurt Rappaport of Westside Estate Agency held the listing and represented both the buyer and the seller, Kevin Wall and Sue Smalley, the founders of the investment firm PTK Global.
The estate features an extensive list of amenities, including a chef’s kitchen, a paneled library, a theater, a gym, a guest house, a swimming pool, and a staff suite, all situated on a roughly 23,000-square-foot lot.
Market Context and Trends
The Arden Drive sale was one of 27 contracts recorded in last week’s Eklund Weekly Luxury Report, which tracks residential properties listed for $4 million or more. The total asking volume for these transactions reached $206 million. This figure represents a slight cooling compared to the same period last year, which saw 28 contracts totaling nearly $222 million.
While the Beverly Hills property claimed the top spot, the second-priciest contract of the week was for a notable architectural residence in Brentwood. Located at 645 Tuallitan Road, the property was listed on May 15 for $16.5 million and entered into contract on May 20. Designed by Steven Ehrlich and originally commissioned by Oscar-winning screenwriter Tom Schulman, the 1992-built home won an AIA National Award for Architecture in 1997. The current seller, architectural preservationist Michael LaFetra, purchased the six-bedroom property in 2014 for $10.5 million.
Looking Ahead
The current pace of high-end transactions suggests that while the total volume is experiencing a minor dip compared to last year, demand for unique, high-profile properties remains active. If the current trend of rapid closings—as seen with both the Arden Drive and Tuallitan Road properties—continues, market analysts might expect to see a sustained, albeit measured, flow of luxury inventory moving through the Multiple Listing Service in the coming weeks.
as developers and sellers continue to list significant assets, the market will see continued competition for properties that boast historical significance or high-end architectural pedigrees, potentially keeping prices in the top tier of the market stable as the season progresses.